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HomeMy WebLinkAbout936818 .......¡¡;,., 6010816377 RECEIVED 2/8/2008 at 11 :43 AM RECEIVING # 936818 BOOK: 686 PAGE: 223 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY MORTGAGE 000223 THIS MORTGAGE made this (Ó day of February, 2008, between WILLIAM F. BURCH and MARY M. BURCH, husband and wife, whose address is P.O. Box 971, Afton, Wyoming 83110, hereinafter referred to as the "Mortgagor," and the EDWARD J. KRAJSKY REVOCABLE TRUST, JUNE 28, 2007, Edward 1. Krajsky & Lucinda Richardville Krajsky, whose address is 1255 Angus Drive, Jackson, Wyoming 83001 hereinafter referred to as the "Mortgagee, " '1. 'b ) £1 \ ( J5 The Mortgagor, for and in consideration for the sum of ONE HUNDRED THIRTY THOUSAND DOLLARS ($130,000.00), lawful money of the United States, paid to the Mortgagor by the Mortgagee, the receipt of which is hereby confessed and acknowledged, does hereby grant, bargain, sell and convey to the Mortgagee forever, the following described real property situate in Teton County, Wyoming, described as: See Attached Exhibit A Together with all buildings and improvements thereon, or which may hereafter be placed thereon; all fixtures now or hereafter attached to said premises; all water and water rights, ditches and ditch rights, reservoirs and reservoir rights, and irrigation and drainage rights; and all easements, appurtenances and incidents now or hereafter belonging or appertaining thereto; subject, however, to all conditions, easements, and rights-of-way, and to mineral, mining and other exceptions, reservations and conditions of record, and to any portions of the Property that are subsequently released pursuant to a partial release as further described below. (hereinafter referred to as the Property) TO HAVE AND TO HOLD the said real property, forever, the Mortgagor hereby relinquishing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming. Mortgagor covenants that at the signing and delivery of this mortgage, said Mortgagor is lawfully seized in fee simple of said real property, or has such other estate as is stated herein; has good and lawful right to mortgage, sell and convey aU of said property; and warrant and will defend the title to all of said property against all lawful claims and demands, and that the same is free from all encumbrances. This Mortgage is not assumable by any other person or parties unless agreed to, in writing, by the Mortgagee, and, subject to the subdivision and Partial Release provisions set forth below, should the Property be sold under either a contract or deed, the obligation secured hereby shall be immediately due and payable upon demand. Mortgagee may assign this Mortgage, and upon written notice delivered to Mortgagor, all subsequent payments shall be made to the assignee. However, this mortgage is subject to the express condition that if the Mortgagor pays, or causes to be paid, to the Mortgagee the sum of One Hundred Thirty Thousand Dollars ($130,000.00), together with interest thereon, as set forth more specifically in the Promissory Note dated February _, 2008 between the parties hereto, until paid, which was executed and delivered by William F. Burch and Mary M. Burch, to the Mortgagee, which sum or sums of money the Mortgagor does hereby covenant to pay, and until such payment, perfonn all of the covenants and agreements herein to be perfonned by Mortgagor, then this mortgage and said note shall cease and be null and void. Mortgagee shall execute a Release of Mortgage within thirty (30) days of payment in full in satisfaction of the Promissory Note and this Mortgage. Mortgagor and Mortgagee further covenant and agree as follows: 1. Mortgagor shall pay the indebtedness as herein provided, and the lien of this instrument shall remain in full force and effect during any postponement or extension Mortgage Page 1 of3 of the time of payment of any part of the indebtedness secured hereby. This Mortgage is to secure the payment of the balance due for the purchase of the property. 000224 2. Mortgagor shall pay all taxes and assessments levied or assessed against said property. 3. Mortgagor shall not commit or permit waste, nor be negligent in the care of said property, and shall maintain the same in as good condition as at present, reasonable wear and tear expected. 4. If Mortgagor defaults in the payment of the taxes, assessments or other lawful charges, the Mortgagee may, without notice or demand, pay the same, and if the Mortgagor fails to keep said property in good repair, the Mortgagee may make such repairs as may be necessary to protect the property, all at the expense of the Mortgagor. The Mortgagor covenants and agrees that all such sums of money so expended, together with all costs of enforcement or foreclosure, and a reasonable attorney fee, shall be added to the debt hereby secured, and agree to repay the same and all expenses so incurred by the Mortgagee, with interest thereon from the date of payment at the same rate as provided in the note hereby secured, until repaid, and the same shall be a lien on all of the said property and be secured by this mortgage. 5. If the Mortgagor defaults in the payment of the indebtedness hereby secured, or of any part or installment of principal or interest for a period of thirty (30) days after it is due, or in case of breach of any covenant or agreement herein contained, the whole of the then indebtedness secured hereby, both principal and interest, together with all other sums payable pursuant to the provisions hereof, shall, at the option of the Mortgagee, become immediately due and payable, anything herein or in said note to the contrary notwithstanding, and failure to exercise said option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. The Mortgagee may enforce the provisions of, or foreclose this mortgage by any appropriate suit, action or proceeding at law or in equity, and grants to the Mortgagee the power of sale, and cause to be executed and delivered to the purchaser or purchasers at any foreclosure sale a proper deed of conveyance of the property so sold. The Mortgagor agrees to pay all costs of enforcement or foreclosure, including a reasonable attorney fee. The failure of the Mortgagee to promptly foreclose upon a default shall not prejudice any right of said Mortgagee to foreclose thereafter during the continuance of such default or right to foreclose in case of further default or defaults. The net proceeds from such sale shall be applied to the payment of (151) the costs and expenses of the foreclosure and sale, including a reasonable attorney fee, and all moneys expended or advanced by the Mortgagee pursuant to the provisions of this mortgage; (2nd) all unpaid taxes, assessments, claims and liens on said property, which are superior to the lien hereof; (yd) the balance due Mortgagee on account of principal and interest on the indebtedness hereby secured; and the surplus, if any, shall be paid to the Mortgagor. 6. If the property described herein is sold under foreclosure and the proceeds are insufficient to pay the total indebtedness hereby secured, the Mortgagee shall be entitled to a deficiency judgment against Mortgagor. 7. If the right of foreclosure accrues as a result of any default hereunder, the Mortgagee shall at once become entitled to exclusive possession, use and enjoyment of all property aforesaid, and to all rents, issues and profits thereof, from the accruing of such right and possession, rents, issues, and profits shall be delivered immediately to the Mortgagee on request. On refusal, the delivery of such possession, rents, issues and profits may be enforced by the Mortgagee by any appropriate suit, action or proceeding. Mortgagee shall be entitled to a Receiver for said property and all rents, issues and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, and without regard to the solvency or insolvency of the Mortgagor, or the then owner of said property, and without regard to the value of said property, or the sufficiency thereof to discharge the mortgage debt and foreclosure costs, fees and expense. Such Receiver may be Mortgage Page 2 of3 000225 appointed by any court of competent jurisdiction upon ex parte application, notice being hereby expressly waived, and the appointment of any such Receiver on any such application without notice is hereby consented to by the Mortgagor. All rents and issues and profits, income and revenue of said property shall be applied by such Receiver according to law and the orders and directions of the court. 8. The acceptance of this Mortgage and the Promissory Note or notes it secures, by the Mortgagee shall be an acceptance of the tenns and conditions contained therein; and a duly executed and delivered release of this Mortgage by the Mortgagee shall be a valid and effective release as to all of said Mortgage. 9. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, devisees, legatees, executors, administrators, successors and assigns of the parties hereto. Whenever used in the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The tenns "foreclosure" and "foreclose," as used herein, shall include the right of foreclosure by any suit, action or proceeding at law or in equity, or by advertisement and sale of said premises, or in any other manner now or hereafter provided by Wyoming law, including the power to sell. IN WITNESS WHEREOF, this mortgage has been executed by the Mortgagor the date first above written. ~cz:7~ Mary~jvt~ William F. Burch ACKNOWLEDGEMENTS STATE OF WYOMING ) ) SS. COUNTY OF LINCOLN ) The foregoing Mortgage was acknowledged by William F. Burch and Mary M. Burch, before me this (0 day of February, 2008. WITNESS my hand and official seal. ~~a)k!~~ Notary Public My Commission Expires: 9 - /5-/ J NOTARY PUBLIC County of Lincoln State of Wyoming M Commission Expires September 15, 2011 Mortgage Page 3 of3 Exhibit A File 6010816377 Description û0022G The land referred to in this document is situated in the State of Wyoming, County of Lincoln, and is described as follows: That part of the Southeast Quarter of the Southeast Quarter of Section 35, Township 33 North Range 119 West ofthe 6th P.M., Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 308PR on pages 575 and 577, described as follows: BEGINNING at a spike on the west line of said Southeast Quarter of the Southeast Quarter, North 00°15'36" West, 500.00 feet from the southwest corner thereof; thence North 89°48'04" East, 932.22 feet, along a line parallel with the south line of said Southeast Quarter ofthe Southeast Quarter, to a point; thence North 00°13'48" West, 820.88 feet along a line parallel with the east line of said Southeast Quarter of the Southeast Quarter, to a point on the north line of said Southeast Quarter ofthe Southeast Quarter!; thence South 89°48'21" West, 932.65 feet, along the north line of said Southeast Quarter of the Southeast Quarter, to the northwest corner of said Southeast Quarter ofthe Southeast Quarter; thence South 00°15'36" East, 820.96 feet, along the west line of said Southeast Quarter of the Southeast Quarter, to the SPIKE OF BEGINNING.